Maximizing return on investment is one of the aims of an organization. It can be beneficial for business. Many organizations ignore factors through which unnecessary expenses can be reduced & enhance return on investment by boosting asset performance. In order to increase return on investment asset management is important.
If asset management is not done in the right way, then the business will not run to its full potential. For small & medium size organizations cost linked with an asset, utilization can be high if asset management is not done correctly and if it is done in the right way cost associated with the asset can be minimized.
However, there are several types of challenges related to assets such as maintenance, performance, and so on. That is why investing in maintenance tracking software is important.
What Is Maintenance Tracking Software?
Maintenance tracking software is important for all organizations. It can be beneficial for business as you can save a lot of money with maintenance tracking software.
This software enables you to schedule maintenance and keeps track of maintenance as well. It means that you do not have to worry about maintenance schedules.
As this software automatically does it. So, this software helps increase asset reliability and decrease maintenance expenses. It increases asset lifecycle & this software gives you stability which is especially important in this business.
Maintenance tracking software lets you know about asset health. You can get analytics that gives you a complete picture of assets.
Through this software, you can get asset performance and asset history through which you can get an estimate of asset performance. In order to increase return on investment (ROI) maintenance is a critical factor.
How Does Maintenance Tracking Software Help in Increasing ROI?
Maintenance tracking software helps in increasing ROI in numerous ways:
1. Schedule Maintenance
Schedule maintenance comes in handy when you have a lot of assets because it becomes hectic to keep track of which asset got maintenance that does not! With this software, you do not have to worry about asset maintenance as this software automatically schedules maintenance of each asset.
2. Maintenance Tracking
Maintenance tracking lets you know which asset got maintenance which simplifies work for the maintenance team. As they get alert about maintenance about assets, so they plan their daily schedule accordingly.
With assets, the breakdown is avoided and asset reliability increases. As we know that asset breakdown is expensive with this software you can minimize the chances of the breakdown.
When breakdowns are minimized, maintenance expenses also decrease, and return on investment increases.
3. Maintenance Checklist
A maintenance checklist is an essential feature that allows the maintenance team to know in advance what are activities need to be done! So, it saves time, and the maintenance team can finish work at a higher speed than usual.
Moreover, managers can check the maintenance status of each work order so they can update their customers as well. It is also a key factor for improving ROI.
4. Asset Tracking
As per Newswire, “Over the 2004 to 2014 period an estimated $51.2 million of heavy plant, equipment and vehicles were stolen from businesses”. When assets are lost then obviously the organization must buy new assets unnecessarily that also impacts ROI calculation.
Assets are not stolen in all cases, in some cases, it is just misplaced which also leads to unnecessary purchasing.
When an organization is huge and asset-intensive then an organization needs to collect data in order to know asset performance. If an asset is taking more maintenance, then it means you are spending money on maintenance which will increase the overall cost of maintenance & ROI will decrease.
If you know assets are performing well and taking more maintenance, then obviously ROI will improve.
6. Increasing Asset Life
One of the most important that will increase ROI is when asset work as per the expectation and crosses the expected life without compromising productivity.
For instance, if asset life exceeds by a few months, then obviously it helps in generating more revenue in simple terms it adds more value and consumes fewer resources of the organization.
When you want to improve ROI then assets must be maintained. When assets are maintained, they keep performing & get maintenance on time so that expected life increases.
In order to achieve a better return on investment organizations must invest in automated asset management software that will help in achieving their goals. It provides several types of advantages and features through which your ROI will improve.
Frequently Asked Questions (FAQs)
1. What are the benefits of maintenance tracking software?
Benefits of maintenance tracking software are given below:
1. Scheduling maintenance
2. Work order management
3. Maintenance accurate analytics
4. Alerts & notifications
5. Boosting asset performance
6. Minimizing asset failure
7. Increasing asset reliability & productivity
2. Which type of maintenance is used by maintenance tracking software?
Automated software uses preventive (proactive) maintenance. It makes assets more reliable because assets are provided maintenance before asset failure occurs. It saves organization maintenance expenses and work operations do not hinder due to asset failure because they are provided maintenance on time.
You can schedule maintenance by traveling distance or time. When an asset has worked or traveled a certain kilometer drive then it is scheduled maintenance. Similarly, after a certain time let us say a 2-month asset is given maintenance.
3. Why is inventory crucial in maintenance tracking software?
Inventory is very crucial in maintenance tracking software as we know inventory is required when maintenance is done then rusty parts are removed and new parts are installed that is why it is important to keep track of inventory as well.